W
alton Street Capital has acquired a warehouse in Sunrise for $18.5 million. The Chicago-based firm purchased the 77,600-square-foot building at 4701 Northwest 103rd Avenue from Miller Property Group, led by Steve Miller. Completed in 2016 on 4.5 acres, the property is known as the Sunrise Corporate Headquarters. Walton Street, led by Eric Mogentale and Jeffrey Quicksilver, has been active in South Florida's market, including a recent sale of a six-story building in unincorporated Miami-Dade County for $26.3 million.

    The firm also acquired an assisted living facility in Palm Beach County last month for $23.5 million and paid $51.5 million for warehouses in Miami-Dade County's Brownsville neighborhood last year. South Florida's industrial market has seen growth as the region attracted new residents and companies during the pandemic, driving demand for storage and distribution space.

    However, a recent Colliers report notes that the expensive cost of capital has led to a drop in warehouse rents in Miami-Dade County, with an average asking rent of $16.42 per square foot in the third quarter. Meanwhile, Broward County landlords increased rents but saw a slight increase in vacancy rates.